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Gross Premium

(i) The original premium before any original discounts have been applied, Gross premium is a raw premium before subtracting cost for Reinsurance or at times before any return premium. (ii) Premium income without deduction for Reinsurance premiums.
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Original and additional inward premiums, plus any amount in respect of administration fees or policy expenses remitted with a premium but before the deduction of outward reinsurance premiums.
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Pure premium adjusted upward to include insurer expenses.
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MEDICAL,USA Total price of an insurance policy to be paid by the policyholder before any discounts are applied such as subtracting costs for reinsurance or returning premium. The total price of the policy is the cost of a unit of insurance protection quoted from a rating manual plus the basic rate that covers expenses to the insurance company in maintaining the business.

Gross premium method/valuation

Method for placing a value on a life insurance company’s liabilities that explicitly values the future office premiums payable. In addition, it usually values explicitly future discretionary benefits and future expenses. If it explicitly allows for future bonuses it may be referred to as a bonus reserve valuation. The valuation may be carried out using formula or cashflow techniques.

Gross profit

The amount, or difference, by which sales revenue exceeds the cost of sales, i.e. costs incurred in getting the goods ready for sale such as purchases, direct labour costs and other direct costs in manufacturing. Loss of gross profit is insured under a business interruption insurance that usually provides cover on the difference basis. An older way of calculating gross profit was to add the net profit to the standing charges of the business.
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Net profit plus the insured’s standing charges

Gross Registered Tonnage (GRT)

It applies to the vessels and not to cargo. It is the weight of the volume occupied by the closed in-space of ship taking 100 cubic feet of such closed-in spaces as equivalent to one vessel ton. It is employed for statistical purpose when comparing ship-sizes and issued as a basis for pilotage and Dry Dock and also sometime for quay (for wharfage) dues.